SMMT: UK car market to experience jobs growth in 2014

SMMT: UK car market to experience jobs growth in 2014

John Leech highlights the economic impact of the UK car industry.

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John Leech, KPMG UK head of automotive, comments on the UK new car sales registrations published by the SMMT today:       

“Car production rose 3.1% in 2013 to surpass 1.5 million units – the highest volume since 2007 – on the back of strong sales in UK and emerging markets like China.

“The UK car industry is in confident mood, especially the car component suppliers and manufacturers, as its key export market, the EU, continues to recover. Most analysts are now forecasting EU car sales will grow in 2014, reversing six straight years of falls.

“We expect the UK market to rise by approximately 5 percent this year, though not as quickly as we witnessed in 2013. Our forecast is that UK production will continue to rise from the export demand from emerging markets this year, 2015 and 2016 before peaking in 2017 at 1.9 million vehicles.”

Highlighting the economic impact of UK car industry, John said: “In the next 12 months, the UK car industry will see huge increases in job creation with a number of manufacturers launching new models, including Jaguar, BMW/Mini and Nissan. The manufacturers have already outlined plans to increase workforces substantially which is welcome news for the UK economy.”


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About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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